9 Mar, 2026
4 mins read
Rajputana Stainless Limited IPO is set to open on March 9, 2026. The Gujarat-based company is a manufacturer of high-quality stainless steel long and flat products, serving critical sectors like automotive, engineering and household utilities. The company has developed a diverse portfolio of more than 80 specialised grades of stainless steel and has established a global footprint, with exports to nine countries, including the USA, UAE, and Turkey.
In this article, we break down the Rajputana Stainless Limited IPO details, business model, financial performance, and the key risks and opportunities investors should consider.
|
Feature |
Details |
|---|---|
|
IPO Date |
March 9 to 11, 2026 |
|
Price Band |
₹116 - ₹122 per share |
|
Lot Size |
110 Shares |
|
Issue Size |
₹255 Crore (Fresh Issue + OFS) |
|
Tentative Listing Date |
March 16, 2026 |
|
Listing On |
NSE, BSE |
The IPO consists of both a Fresh Issue and an Offer for Sale (OFS). While the proceeds from the OFS will go to the selling shareholder, that is, promoter Shankarlal Deepchand Mehta, the company plans to utilise the Fresh Issue proceeds for:
Forward Integration: Rs 18.57 crore for setting up a new manufacturing unit for Stainless Steel Seamless Pipes in their existing facility.
Debt Repayment: Rs 98 crore for pre-payment or repayment of certain outstanding borrowings.
General Corporate Purposes: The rest are to support overall business growth and operational requirements.
The company has shown improvement in its financial performance.
|
Particulars |
H1 FY26 (6M) |
FY25 |
FY24 |
FY23 |
|---|---|---|---|---|
|
Revenue from Operations (₹ Cr) |
501.53 |
932.16 |
909.80 |
947.67 |
|
Profit After Tax (PAT) (₹ Cr) |
24.41 |
39.85 |
31.62 |
24.04 |
|
PAT Margin (%) |
4.87 |
4.28 |
3.48 |
2.54 |
|
EBITDA (₹ Cr) |
45.92 |
73.79 |
59.41 |
43.85 |
|
EBITDA Margin (%) |
9.16 |
7.92 |
6.53 |
4.63 |
Rajputana Stainless operates as a B2B integrated player in the stainless steel industry. It manufactures a wide range of products, including billets, black bars, bright bars, and forging ingots under its own brand name, “RSL.”
The company uses its experience and manufacturing setup to supply raw materials to several industries, including seamless pipes, aerospace, oil and gas, defence, automotive, aviation, forging, and precision engineering.
Its strategic location in Gujarat provides a logistical advantage for both domestic distribution and international exports.
Before investing in the Rajputana Stainless Limited IPO, it is important to evaluate both the potential growth opportunities and the key risks that could impact the company’s future performance.
Forward Integration: The company plans to use IPO proceeds to set up a new Stainless Steel Seamless Pipes plant within its existing facility. Since the raw material is produced in-house, margins and profitability may improve in the future.
Debt Reduction: The company plans to repay its borrowings, which can reduce finance costs and further strengthen the balance sheet.
Cost Efficiency: The company has its own Solar and Wind power plant, which helps reduce power expenses.
Strategic Location: The manufacturing plant is located in Gujarat, which provides a major advantage in terms of transport and logistics.
Litigations: The company is involved in tax and civil cases aggregating to ₹128.6 crore, which is around 73% of its net worth. Additionally, it has contingent liabilities of ₹120.8 crore.
Customer Concentration: In FY25, around 42% of the company’s revenue came from its top 10 customers. Also, the company does not have long-term contracts with its customers.
Geographic Risk: A major portion of the company’s revenue comes from just three states, Maharashtra, Gujarat, and Uttar Pradesh, accounting for approximately 91% of the total revenue.
Rajputana Stainless presents a story of steady growtah and operational turnaround. With a focus on expanding into high-value seamless pipes, the company is well-positioned to ride the wave of India's industrial and infrastructure growth. Its focus on reducing debt and improving EBITDA margins is a positive signal for long-term investors.
However, potential investors must weigh these strengths against the significant contingent liabilities and customer concentration risks. Monitoring the final pricing and valuation against peers will be crucial.
Eligible investors can apply for the IPO through ASBA-enabled brokers, including via the FYERS platform.
Disclaimer
This blog is for educational and informational purposes only and does not constitute investment advice or a recommendation to buy, sell, or hold any securities. Readers should conduct their own research or consult a qualified financial advisor before making any investment decisions.
The IPO opens on March 9, 2026, and closes on March 11, 2026. The tentative listing date is March 16, 2026.
The issue consists of up to 2.09 crore equity shares, which includes a Fresh Issue of 1.46 crore shares and an Offer for Sale of 62.5 lakh shares.
The company’s manufacturing facility is located in Kalol, District Panchmahal, Gujarat.
The funds will be primarily used to set up a new Stainless Steel Seamless Pipes unit and to repay existing borrowings, further strengthening the balance sheet.
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